3 Minutes
Poland warns Moscow may use cryptocurrencies to finance covert campaigns
Poland’s national security chief, Sławomir Cenckiewicz, has told the Financial Times that Russia likely leverages cryptocurrencies to bankroll espionage, sabotage and drone incursions across European airspace. The claim adds fresh urgency to debates over crypto regulation after the Bank of Russia recently allowed selected commercial banks to re-engage with the digital-asset market.
Allegations rooted in past investigations
Cenckiewicz pointed to a 2023 Polish probe that uncovered a network of agents tied to Russia’s GRU military intelligence that was, according to investigators, largely financed through crypto. He and other officials suspect similar mechanisms are being reused to support a “shadow fleet” of operations that can strike or destabilize targets across the EU with limited traceability.
Regulatory response: tougher rules to close loopholes
To limit the risk of foreign actors exploiting digital assets, Polish regulators are advancing legislation to tighten oversight of cryptocurrencies, stablecoins and crypto service providers. Cenckiewicz said intelligence services are closely involved in the legislative process to ensure loopholes are closed and that crypto rails cannot be used to fund espionage or influence campaigns.
Why cryptocurrencies can be attractive for covert financing
Cryptocurrencies such as Bitcoin are pseudonymous and can move value across borders without traditional banking intermediaries. That makes them attractive for actors seeking to circumvent sanctions or to obscure financial trails. Blockchain analytics firms have repeatedly flagged schemes that use a mix of cryptocurrencies, stablecoins and intermediaries to mask flows.
Prior cases and blockchain forensics
Security researchers and firms such as TRM Labs and Elliptic have previously linked crypto flows to Moscow-backed operations. TRM’s research suggested Bitcoin-funded purchases supported cyber and misinformation campaigns tied to GRU activity in the 2010s. Elliptic later highlighted an alleged operation tied to Ilan Shor’s A7 group, reporting billions in stablecoin transactions — including Tether (USDT) and a ruble-backed A7 stablecoin — routed through intermediaries in Central Asia to evade sanctions and influence politics in Moldova.
Implications for the EU, sanctions and blockchain transparency
If state-backed espionage is indeed being partially financed by crypto, the finding would underscore the need for coordinated international standards on Know Your Customer (KYC), enhanced transaction monitoring and clearer rules for stablecoins. Policymakers across the EU are already under pressure to balance innovation in blockchain and DeFi with national security and sanctions enforcement.
What to watch next
Expect Poland’s bill to be closely watched across Brussels and NATO, where officials are debating broader tools to detect and disrupt illicit crypto flows. Meanwhile, improvements in blockchain analytics and stronger regulatory frameworks may make it harder for intelligence services to rely on anonymous routes — but persistent use of intermediaries and layered transactions means vigilance and cooperation across jurisdictions will remain critical.
By combining open-source blockchain forensics with targeted regulation, European authorities aim to reduce the risk that cryptocurrencies become a covert funding channel for state-level espionage or political interference.
Source: crypto
Comments
atomwave
If crypto is being used that way, scary. But how solid is the evidence? sounds like lots of assumptions, need receipts and better forensics..
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